![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/jeremy-hunt-set-to-launch-capital-gains-tax-raid/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/TELEMMGLPICT000314702571_trans_NvBQzQNjv4BqA7N2CxnJWnYI3tCbVBgu9T0aesusvN1TE7a0ddd_esI.jpeg&description=In a fortnight the new taxation and spending approach will be announced by Jeremy Hunt, the Chancellor, with discussions on-going with Number 10 and Whitehall departments. But The Telegraph can reveal that, despite mortgage rates soaring and predictions of steep house price falls, Treasury officials are not planning any extra help for homeowners. There will be no extension of the stamp duty cut adopted by Liz Truss, a Whitehall source has told The Telegraph, meaning no extra intervention targeted at propping up property prices. Nor is the Treasury currently working on a new scheme to help people who face mortgage defaults, despite some calls for such a move from cost-of-living campaigners. A Whitehall source said: 'We have a fiscal hole north of £50bn. We have to cover that with spending cuts and tax rises to try to balance and books." Mr Hunt and Rishi Sunak want to find the money equally between tax rises and spending cuts. The approach means that despite the economy already being in recession, according to the Bank of England, the Treasury is preparing to tighten fiscal policy. On Thursday Mr Hunt acknowledged the hardships being faced: "Today's news is going to be very tough for families with mortgages up and down the country, for businesses with loans. 'But there is a global economic crisis, the International Monetary Fund says a third of the world's economy is now in recession.' The Chancellor also defended his approach, saying: "The best thing the Government can do if we want to bring down these rises in interest rates is to show that we are bringing down our debt. "Families up and down the country have to balance their accounts at home and we must do the same as a government." Mr Hunt is looking at raising the dividend tax rate and a cut to the tax-free dividend allowance in a £1bn-a-year tax raid on pensioners, business owners and the self-employed. Under the current rules no tax is paid on dividend income below £2,000 but Mr Hunt is said to be consideri){kind=link}
Chancellor considers an increase in the headline rate of capital gains tax (CGT) in the Autumn Statement
Jeremy Hunt is preparing a raid on entrepreneurs, savers and landlords to help plug the £50bn hole in Britain’s public finances, The Telegraph can reveal.
The Chancellor is considering an increase in the headline rate of capital gains tax (CGT) and taxes on dividends at the Autumn Statement.
Mr Hunt is examining changes to the headline rate, reliefs and allowances on CGT while also considering hitting savers with an increase in dividend taxes. Officials are also working on a cut to the £2,000 tax-free dividend allowance.
The potential tax rises immediately sparked a backlash from business leaders who warned it would undermine enterprise and saving. Landlords have already faced a tightening squeeze on returns since the 2019 General Election.